The new partnership follows the existing partnership that CIP, through its CI GMF I, and AMPIN Energy Transition entered in 2021 to enable joint equity investments of initially US$200 million in renewable energy projects in India. The partnership has since been extended with further investments of US$100 million to allow for an expansion of the portfolio from the initial target of 1.7 GWp to ~ 2.4 GWp of projects thus creating a renewable energy asset base of US$1.2 – US$1.5 billion.
For this second partnership, CI GMF II and AMPIN Energy Transition are initially targeting a portfolio of ~2 GWp, expected to comprise of solar, wind, hybrid, and storage technologies. The partnership will focus on large scale and central grid connected renewable energy projects in India.
Pinaki Bhattacharyya, Founder, MD and CEO of AMPIN Energy Transition, commented: “We’re happy by the continued confidence shown by CIP in our vision and growth plans. This deepened partnership not only strengthens our ability to expand our impact and accelerating India’s renewable energy transition but it also reinforces our shared commitment to driving innovation and sustainable value creation. Together, we’re building an asset base that will contribute meaningfully to India’s energy independence and sustainable growth goals.”
“India is one of the world’s most important and dynamic renewable energy markets and a key focus for our Growth Markets Funds. We are very happy to be expanding our collaboration with our trusted partners at AMPIN Energy Transition as an important part of our investment portfolio in renewable energy in India. We look forward to realising the portfolio of new projects which will contribute to local growth and job creation while delivering attractive returns for our investors,” said Peter Sjøntoft, Partner at CIP.
CIP, through its Growth Market Funds, entered the Indian market in 2021 and has been successful in navigating the Indian market through partnerships with AMPIN Energy Transition and Viviid. CIP intends to continue to grow its activities in the Indian market together with both existing and new potential partners and expects to build and commission several GW of renewable generation capacity over the coming years.
